ECCB 2023-2024 Annual Report

EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2023 -2024

ECCB S avings and I nvestment C ourse The Bank will continue to work with the University of the West Indies (UWI) to upgrade the ECCB Savings and Investment Course, to offer a stream of the course where participants can gain a Continuing Education Unit (CEU) from the UWI. ECCB C ampus G reening I nitiative The Bank will begin consultation on its water recycling plant for the campus during the financial year 2024/2025. DIGITAL AND DATA TRANSFORMATION P roject BOOST The Bank will continue its assurance work in Project BOOST to assist with the set Go-Live date. Project BOOST is the number one priority of the Bank in the fiscal year 2024/2025. D ata A nalytics During the upcoming financial year, the Bank intends to pursue the development of its data analytics strategy which will broadly provide a roadmap for the full implementation of data analytics across all segments of the audit process. The strategy will examine the systems required, as well as the required competencies for the programme. It is envisaged that with the adoption of the data analytics programme, there will be gains made in the efficiency and effectiveness of the audit function. The Bank will continue to provide training and technical assistance to financial institutions in the classification of financial accounts, and the requisite protocols for submission of data through its SAS software. This will be aimed at ensuring accurate financial reporting and

compliance with submission protocols when using the SAS software.

A rtificial I ntelligence (AI) ECCB sponsored camps will focus mainly on Generative AI and Web and App Development. Students will work in groups to provide an end of camp project focused on one of the following areas that have the potential to solve real world problems in the ECCU: • Using AI to improve customer engagement • App and Web Development for social good. ORGANISATIONAL EFFECTIVENESS AND DEVELOPMENT I nternational S tandards The ECCB will continue efforts towards its readiness for full implementation of the new International Organisation for Standardisation (ISO) standard (ISO20022) by November 2025, by engaging in training and testing the effective implementation of the standard in the new Banking solution. C apacity B uilding The ECCB will continue to strengthen its capacity in core areas with a view to expanding its own work and supporting the efforts of its partners within the region. Those areas for enhancement include climate-related financial risks, data analytics and visualisation, and financial stability. M onetary and F inancial S tatistics The Bank, as part of its Financial Stability mandate, will continue to compile Monetary and Financial Statistics based on international standards.

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